Interest rate and monetary transmition mechanisms in Brazil.
This paper develops the hypothesis that the Brazilian interest rate is high as a result of partially obstructed monetary transmission mechanisms. Transmission failures arise due to the following characteristics of the Brazilian economy: (i) segmentation of the credit market; (ii) low penetration of...
| Autor: | |
|---|---|
| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2015 |
| País: | Brasil |
| Institución: | EDITORA 34 |
| Repositorio: | Revista de Economia Política |
| Idioma: | portugués |
| OAI Identifier: | oai:ojs2.centrodeeconomiapolitica.org:article/218 |
| Acceso en línea: | https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/218 |
| Access Level: | acceso abierto |
| Palabra clave: | mecanismo de transmissão monetária taxa de juros política monetária monetary transmission mechanism interest rate monetary policy |
| Sumario: | This paper develops the hypothesis that the Brazilian interest rate is high as a result of partially obstructed monetary transmission mechanisms. Transmission failures arise due to the following characteristics of the Brazilian economy: (i) segmentation of the credit market; (ii) low penetration of free credit within the income determination process; (iii) truncated term structure of interest rates; (iv) participation of LFT’s in public debt; (v) participation of administered prices in the consumer price index. To achieve this result, the paper explores the BMW model and provides some preliminary evidence. JEL Classification: E40; E43; E52. |
|---|